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Known as add-on products, the bank for years charged monthly fees to customers for dozens of products they didn’t understand or know how to use

The retail banking industry is undergoing another major shift, and the future looks high-tech, sophisticated, and, for big banks, very urban. So what has changed? Photo: Shaumbé Wright/The Wall Street Journal

Wells Fargo & Co. is in the process of refunding tens of millions of dollars for products ranging from pet insurance to legal services added to hundreds of thousands of customers’ accounts without their full understanding, according to people familiar with the matter.

Known as add-on products, Wells Fargo for years charged monthly fees to customers for dozens of products they didn’t understand or know how to use, the people said.